Professional Documents
Culture Documents
Overview
Turkey & Istanbul
September 2020
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Contents
11
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Tourism Market:
Tourism Survey Findings
Turkish Tourism Investors Association & EY COVID-19 Tourism Survey Findings, June 2020
Inception of foreign tourist arrivals in Turkey1 The magnitude of financing crisis due to
COVID-193
10.5% 15.8%
5.3% 0.0%
Recovery of tourist inflow to 2019 levels2 • The impacts of pandemic and infected countries’
policies on lockdown delay the foreign tourist inflow,
31.5% which has significant share in revenues.
26.3% 26.3%
• Industry players claim that they are facing a
significant financing crisis, and the problem is
getting more severe.
5.3% 5.3% 5.3%
1. In your opinion, when will foreigners feel secure about travelling to Turkey? (n=19)
2. When will the tourist inflow reach to 2019 levels in Turkey? (n=19)
3. What is the magnitude of financing crisis caused by COVID-19 pandemic? (n=19)
Turkish Tourism Investors Association & EY COVID-19 Tourism Survey Findings, June 2020
Average cancellation
5.0% rate is 76%.
Increased
37.5%
Remained 5.0% 31.3%
same
18.8%
12.4%
Decreased 90.0%
12.5% 12.5% • More than 90% of the participants believe it will take
6.3% at least a year after the pandemic ends for them to
show similar performance to 2019 levels.
11% - 25% 26% - 50% 51% - 75% 76% - 100%
1. How did your revenues changed in March-April 2020 compared to the same period of 2019? (n=19)
2. Have you experienced booking cancellations for June-August 2020? (n=16)
12
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Tourism Market:
Impact of COVID-19
Source: STR Worldwide Newsletter Q1, 2020 *RevPAR% change comparison of March 2020 to March 2019 in local currencies
19
19
19
19
19
19
20
20
-1
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-2
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Ap
No
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Se
Ja
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M
M
180 • The ADR has dropped to 92,91 EUR in March 2020, while it
was realized as 104,37 EUR in Europe.
150
• The ADR data of Istanbul, Antalya and Ankara was released
120
monthly in Turkey. A fall in ADR’s was observed especially
in Istanbul and Antalya.
90 • Prior to the COVID-19’s catastrophic impact on all kinds of
economic activities, Turkey had set the goal of reaching the
60
target of hosting 75 million guests by 2023, while Turkey
has hosted 51,9 mn guests in 2019.
30
9
M 9
9
19
19
19
19
19
20
20
0
-1
-1
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13
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Tourism Market:
Overview
• Prior to COVID-19 pandemic, tourism
Turkey tourism – Total receipts (8 years trend) industry in Turkey continued to experience a
positive trend, marking a historic milestone
over the last 8 years, with 51,9 mn visitors
and US$34,5 bn total receipts in 2019.
51.9
45.6 • In year 2019, Turkey continued its
41.4 41.6
39.2 place among the World’s top 10 tourism
Total receipts (US$ bn)
36.5 38.6
Visitors (millions)
31.4 destinations in terms of arrivals according
to World Tourism Organization (‘’UNWTO’’).
32.3 34.3
31.5 34.5
29.0 22.1
29.5 • After the crucial decline in 2016 with a
26.3
number of 31,4 mn, tourism arrivals showed
an increasing trend by 23,0% in 2017, 18,0%
in 2018 and 14% in 2019 reaching to 51,9
mn.
• Turkey’s total tourism income for 2019
Total receipts (US$ bn) Visitors (millions)* reached US$34,5 bn, reflecting an increase
of 17,0% compared to the sector’s revenue
* Visitors data include ‘’Foreigners and Citizens Living Abroad’’
of US$29,5 bn in 2018 as a new record high
according to TurkStat.
• Average tourism expenditure per capita of
Average expenditure per capita (US$) (2014 – 2019) all visitors have increased from US$647 to
US$666 in 2019 as compared to 2018.
• Average tourism expenditure per capita for
Average expenditure per capita (US$)
5.0%
According to the WTTC data published
before COVID-19;
3.5%
60%
• Capital investment is expected to be at a
level of US$19,5 bn in 2020, reflecting a
Capital investment (US$ bn)
45%
significant increase of 19,8% compared to
21.4 2019 (US$16,2 bn).
20.5
18.8 19.5 30%
YoY growth
14
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Tourism Market:
International Tourists
• According to TurkStat, number of total visiting
foreigners was recorded as 44,7 mn in 2019 with Turkey tourism – Total visitors (5 years trend)
an increase rate of 14,8% as compared to 38,9
mn in 2018.
• The number of total visiting citizens residing
abroad was recorded as 7,1 mn in 2019 with an
Number of visitors (millions)
60
increase of 7,0% in comparison to 2018 which is
50 15%
6,7 mn.
17%
40 13%
• Even though Fitch Solutions has estimated the 19%
total arrivals in 2019 full year as 44,1 mn, it was 30 14% 85%
realized as 51,9 mn according to TurkStat data. 20 87% 83%
81%
86%
• Total visitor number has increased by 13,7% 10
from 2018 to 2019 according to TurkStat data. 0
2015 2016 2017 2018 2019
• Fitch Solutions has estimated the total arrivals 6.025.370 6.099.924 6.540.819 6.676.771 7.147.072
to grow by 11.6% and reach to 44.1 mn in 2019
35.592.160 25.265.406 32.079.527 38.951.902 44.712.970
and forecasted to grow between 5,4% - 7,8% and
reach 56.6 mn by 2023. Fitch Solutions expects
to see an increase in tourism receipts by 7,4%
Y-o-Y in 2020. However, these numbers were
forecasted before COVID-19 pandemic.
19.0%
13.9%
International tourism receipt(US$ bn)
9.9%
7.4% 27.8%
5.6% 4.7% 3.9%
21.8%
11.6%
7.8% 6.7%
5.9% 5.4%
56.6
50.7 53.7
47.4 49.3 44.1 47.5
42.9 45.3 32.4 39.5
-24.4% 39.9
36.3 25.4
31.9
26.8 -30.1%
Source: Turkish Statistical Institute (Turkstat); Fitch Solutions Turkey Tourism Report Q2 2020;
UNWTO International Tourism Highlights 2019 Edition
• Iran showed an increasing trend in visitor numbers by 5,1% in 2019 • Galataport Project, which is expected to opened
and reached to 2,1 mn, while it showed a decrease of 20% in 2018 in 2020 (but is delayed to Q1 2021) will include
compared to 2017. the new cruise terminal in Istanbul which will
provide a modern port facility among other
supporting facilities like the first ever Peninsula
Hotel in Turkey, an upscale shopping center and
a fine F&B destination.
Source: Fitch Solutions Turkey Tourism Report Q2 2020; Republic of Turkey Ministry of Culture and Tourism August 2019;
New Istanbul Airport Economical Effect Report
16
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Tourism Market:
Opportunities & Challenges
Opportunities Challenges
• Turkey confronted with different crisis previously and has • The coronavirus affecting on global tourism industry
quick recovery potential to address COVID-19 pandemic. with losses of US$1 trillion; approx. 70% of the travel
• The Ministry of Health launched a coronavirus certificate sector has stopped and the virus effects on the sector are
program for the hotels to be able to operate according to growing according to the World Tourism Forum Institute.
the hygiene standards as of Summer 2020. • Implementation of broad travel restrictions, the massive
• New monetary policies by Central Bank and the broad cancellation of meetings, conferences & events and
of liquidity with lower interest rates as a consequence personal health concerns and sharply reduced future
of COVID-19, may trigger new investments such as bookings.
restricted assets. • The ban of travel website, booking.com, to local users has
• There is an opportunity for Turkey to establish itself as a had a severe impact on the hospitality sector.
suitable holiday destination for every season and regional • Flights suspended to high risk areas increasing number of
focus can revive Turkish tourism after COVID-19. hotel closures, short term closure of borders in place until
• Turkey has been made a highly accessible location and outbreak stabilizes.
will keep to support the growth of the tourism industry • The coronavirus cluster in Iran and Europe will have
with opening of new İstanbul Airport. negative consequences for regional tourism.
• Development of health tourism, attracting visitors from • Hotel occupancy down across all regions by 78% in worst
both Europe and the Middle East. affected areas during the COVID-19 pandemic in the
• Government provides various incentives in order to world. The situation also may impact Turkey negatively.
support the industry against difficult headwinds. • Introduction of new taxes and fees. (i.e. tourism share
• Despite uncertainty in previous years, most major contribution to tourism promotion and development
international hotel groups have not made significant agency of Turkey specific to tourism industry
changes to their growth strategies in Turkey. may increase the costs negatively impacting the
competitiveness.)
• Besides that many of the top global hotel chains already
have a strong presence in the country and numerous • Foreign direct investment remains fragile due to
popular brands are presented, there is an extensive uncertainty and potential risk of an economic recession
real estate availability providing further development and investors may show defensive position as of 2020
opportunity. Q2.
• Government built two pandemic hospitals in Istanbul (in • The spillover of violence in Syria may be affecting further
old Atatürk airport and Sancaktepe), and these hospitals dampening arrivals and increase possible risks stemming
are expected to make a contribution to international from both persistent domestic and regional instability of
medical tourism after COVID-19. Turkey.
Transaction Number of Average transaction Max. transaction Min. transaction Sum of transaction
Sector distribution
volume public data volume, mn US$ volume, mn US$ volume, mn US$ value, mn US$
17
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Tourism Market:
M&A Sectoral Breakdown
respectively.
• The transaction value data are not publicly
available for sectors such as Services,
Media, Education, Real Estate and
Telecommunication.
10 9
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21
Turkey hospitality sector
Istanbul hospitality sector
ª
Istanbul Tourism Market:
Impact of COVID-19
• In the scope of COVID-19 precautions, Ministry Of
Health and Directorate General of Civil Aviation has Impact of COVID-19
suspended flights to/from China on February 02,
2020 and the suspended destinations increased Occ %
gradually including South Korea, Iraq, Iran, Italy,
Germany, France etc. and additional 46 countries as
of March 14, 2020 after the increase of COVID-19
cases.
• Due to the closure of borders between the cities in
Turkey, Istanbul’s and Turkey's tourism balance have
changed considerably.
In March 2020,
• According to STR;
• After the first coronavirus case confirmed by
Turkey on March 11, 2020 the occupancy rates
decreased dramatically.
ADR (EUR)
• Most of the hotels are closed during the COVID-19.
• According to data released by Istanbul
Metropolitan Municipality, the occupancy rate in
Istanbul decreased by 59,8% in comparison to
March 2019 and observed as 29% in Istanbul.
• The number of tourist arrivals decreased by 67,9%
in Istanbul, while compared to March 2019.
• ADR decreased from 55,34 EUR (March 2019) to
19,11 EUR (March 2020) with a decrease rate of
65,5%.
• The number of airline passengers in Istanbul
decreased by 53% compared to the same period of RevPAR (EUR)
the previous year and reached 3,88 mn.
• 1,80 mn of the passengers were domestic and 2,08
mn were international passengers.
• Airport passenger traffic decreased by 53% in
comparison to previous year.
Source: Republic of Turkey Ministry of Culture and Tourism; TUROB, General Directorate of
State Airports Authority (DHMI); Directorate General of Civil Aviation (DGCA)
25.1 26.1
24.4 23.8 21.6
23.5 21.0 16.2
19.6 21.2
14.9
9.4 10.5 11.8 12.4 9.2 10.8 13.4
7.5 7.0 8.0
Source: Republic of Turkey Ministry of Culture and Tourism; Border Statistics December 2019,
Istanbul Tourism Statistics, December 2019
23
Turkey hospitality sector
Istanbul hospitality sector
ª
Istanbul Tourism Market:
International Tourists
• The highest number of foreign visitors to
Top 10 arrivals by country of origin to Istanbul
Istanbul came from Germany (7,5% of the
(2017 – 2019)
total visitors) in 2019. It was followed by Iran
(6,2%) and Russian Federation (4,8%).
• Highest increase in terms of visitor number
Number of arrivals to Istanbul (’000)
17.0% 17.8%
15.2%
13.1% 11.0%
11.6% 15%
4.8%
9.2 14.9 0%
-7.3% 13.4
12.4
11.8
10.5 10.8
9.4
8.0 -15%
7.0
-25.9%
-30%
Source: Republic of Turkey Ministry of Culture and Tourism, Border Statistics Dec. 2019;
Istanbul Provincial Directorate of Culture and Tourism, Istanbul Tourism Statistics, Dec 2019
Opportunities Challenges
• Regulations of the Ministry of Health are helping the • 60% of the coronavirus cases are reported in Istanbul.
facilities to get through the summer season during
COVID-19 pandemic. • The COVID-19 pandemic situation may last longer than
expected considering the population of Istanbul.
• Development of health tourism, attracting visitors from
both Europe and the Middle East. • Uncertainty in the recovery timeline challenges the
forward planning.
• New attractions such as theme parks and extensive
shopping opportunities make Istanbul a preferred • Galataport has planned to be opened in Q2, 2020 but it is
destination for both domestic and international tourists. delayed to Q1, 2021 because of the COVID-19 pandemic.
• Istanbul’s tourism office is placing a strong focus on • International, regional and local political and social issues
cultural tourism with emphasis on historical sites, which is that may affect the tourism industry.
becoming one of the key attractions for visitors. • Possible risks stemming from both persistent domestic
• The new Istanbul Airport is opened in April 2019 and is and regional instability might discourage people to
expected to have a 90 million people capacity with its consider Istanbul as a travel destination.
first phase by 2020, allowing it to be a major destination • The number of visitors decreased for Iran and Saudi
for international travel. Arabia by 1,3% and 29,2% in 2019 thus hospitality and
• The new port (‘’Galataport’’) is expected to increase commercial activities in some regions of Istanbul may be
arrivals by cruise tourism. affected.
• Increasing domestic travel habits and the number of • Usual megapolis issues such as traffic jam, air pollution,
integrated new subway lines, such as the new Kartal- dense urbanization and alike.
Halkalı line, are expected to boost tourism in Istanbul. • Competition of new Istanbul Airport with international
hubs such as Frankfurt Airport.
• Competition of MICE tourism with European cities.
• Implementation of broad travel restrictions, the massive
cancellation of meetings, conferences & events and
personal health concerns have sharply reduced future
bookings especially in Istanbul hotels.
31
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Hospitality Sector:
Overview
• According to data released by Republic of
Turkey Ministry of Culture and Tourism, in Number of hotel rooms by city in Turkey (2019)
terms of tourism operation licensed room
numbers by city in Turkey, Antalya is the leader
with 213.305 rooms, followed by Istanbul
and Muğla with 60.568 and 50.988 rooms as
Number of hotel rooms by city (in '000)
Number of hotels and establishments, ‘000 5.66 5.88 5.97 6.13 6.31 6.45 6.63
Total overnight stays, ‘000 95.109 106.769 111.272 117.368 122.336 126.845 132.510
Average length of stay, nights 3.8 3.9 4.0 3.8 3.8 3.7 3.7
Hotel rooms, ‘000 166.34 175.71 183.16 189.81 196.24 201.60 208.90
Operates 30 properties and 3 of pipeline project across Turkey, including Radisson Blu, Park Inn by Radisson,
Radisson Hotel Group
16 in Istanbul. Radisson
33
Turkey hospitality sector
Istanbul hospitality sector
ª
Turkey Hospitality Sector:
M&A Deals
M&A Deals in Hospitality Sector between 2017 - 2020
The Bodrum by Paramount 2020 February Bodrum, Mugla Ufuk Turizm Unico Sigorta n/a n/a n/a 100
Pruva Bakirkoy Hotel 2019 December Bakirkoy, Istanbul Doga Sehircilik Private Investor n/a 59.0 65.0 100
Lodge Otel 2019 December Nevsehir IS REIT Tarman Cimento 55.7 n/a 9.4 100
Kybele Tourism (Club 2019 December Serik, Antalya n/a TUI Group n/a n/a n/a 100
Asteria)
JW Marriott Karakoy, 2019 August Istanbul Seba İnsaat Al Rayyan Tourism n/a n/a 104.2 100
Titanic Downtown Beyoglu Investment (ARTIC)
Magic Life Masmavi 2019 May Antalya n/a TUI Group n/a n/a n/a 100
Utopia World Hotel 2019 April Alanya, Antalya Utopya ATG Anex Tourism n/a 36.0 40.3 100
Tourism Group
Antalya Club Phaselis 2019 April Kemer, Antalya IS REIT NG Kutahya Seramik n/a 30.8 45.6 100
Holding
Park Hyatt Macka 2019 March Istanbul Dogus Group Nusret Turizm Yatırım n/a 44.3 55.0 100
D-Resort Grand Azur 2019 February Marmaris, Mugla Dogus Group TUI Group n/a n/a n/a 100
Magic Life and other 9 2018 September Various Cities in n/a TUI Group n/a n/a n/a n/a
hotels Turkey
Kervansaray Bodrum 2018 August Bodrum Mega Varlık Saban Kayikci n/a 30.0 n/a 100
Resort Yonetim (Private Investor)
Imbat Hotel Kusadası 2018 August Izmir n/a Orjin Group n/a n/a n/a 100
Foca Holiday Village 2018 July Izmir n/a Arda Engineering n/a n/a 9.2 100
Antalya Airport 2018 February Istanbul n/a TAV Havalimanları n/a n/a 443.6 49
Holding
The Bodrum by Paramount 2017 December Mugla n/a Turan Avci (Private n/a n/a 80.0 100
Hotel Investor)
Gundem Otel 2017 November Mugla n/a Deniz REIT n/a n/a 7.6 100
Kervansaray Bodrum 2017 March Mugla Kervansaray Mega Varlik Yonetim n/a n/a 13.0 100
Resort Group
41
Turkey hospitality sector
Istanbul hospitality sector
ª
Istanbul Hospitality Sector:
Overview
Key characteristics of hotel industry in 4 major cities
Europe 77.70% 117.77 91.53 77.40% 115.77 89.65 0.4% 1.7% 2.1%
Saint Petersburg 85.50% 87.26 77.21 84.20% 75.75 63.75 5.1% 15.2% 21.1%
Barcelona 87.00% 144.78 125.99 83.90% 135.96 114.11 3.7% 6.5% 10.4%
Istanbul 87.70% 107.36 94.12 84.00% 89.39 75.00 4.4% 20.1% 25.4%
Vienna 85.80% 105.57 88.82 84.60% 90.58 76.60 1.4% 14.3% 16.0%
Year to Date August 2019 (EUR) Year to Date August 2018 (EUR) Change (%)
Europe 72.00% 112.93 81.26 71.70% 110.93 79.54 0.4% 1.8% 2.2%
Saint Petersburg 67.50% 98.72 66.60 59.90% 108.16 64.76 12.7% -8.7% 2.8%
Barcelona 80.60% 146.47 118.03 77.00% 137.42 105.78 4.7% 6.6% 11.6%
Istanbul 73.70% 90.23 66.49 71.00% 81.15 57.61 3.8% 11.2% 15.4%
Vienna 76.50% 105.73 80.90 73.90% 94.63 69.97 3.5% 11.7% 15.6%
10%
5%
25%
20%
15%
10%
5%
42
Turkey hospitality sector
Istanbul hospitality sector
ª
Istanbul Hospitality Sector:
Capacity
Number of tourism facilities on European and Asian side of Istanbul, 2019
Category European side Asian side European side Asian side European side Asian side
• In terms of room number, majority of the hotels in Istanbul are located in European side, which are 5-Star Hotels with 23.796
rooms, followed by 4-Star Hotels with 13.328 rooms.
• The number of accommodation facilities in European side is 526 with a total of 51.792 room capacity; whereas on Asian side
is 78 facilities with 8.654 room capacity in 2019.
Source: Republic of Turkey Ministry of Culture and Tourism Istanbul Tourism Statistics, 2019
• The occupancy rates by hotel types were all increased in 3 Star 2.4 mn 2.6 mn 2.3 2.3 54.7 58.3
2019, in comparison to 2018.
2 Star 0.4 mn 0.5 mn 2.2 2.2 57.0 60.6
• The highest occupancy rates were observed in 1 star
hotels with 73,6% in 2019 and 71,0% in 2018 followed
1 Star 0.08 mn 0.1 mn 2.5 2.4 71.0 73.6
by 4 star hotels with 68,9% in 2019 and 65,7% in 2018.
Number of nights spent, by hotel type (2019) Occupancy rates by hotel types
(2018-2019)
2 Star 1 Star
3 Star 2.6% 0.5%
12.2%
71.0 73.6
Occupancy rates (%)
68.9
65.7 60.6
5 Star 59.5 58.3 57.0
53.5 54.7
52.4%
4 Star
32.4%
2018 2019
Source: Republic of Turkey Ministry of Culture and Tourism, General Directorate of Investment and Enterprise, 2018 & 2019
43
Turkey hospitality sector
Istanbul hospitality sector
ª (Contd.)
Istanbul Hospitality Sector:
Hotel Types
Distribution of foreigners vs. citizens by % of arrivals and nights spent by
hotel type (2019) foreigners vs. citizens (2019)
• According to the data released by Republic of Turkey • In terms of number of arrivals to these five types of hotels,
Ministry of Culture and Tourism, foreign visitors mostly foreign visitors have the major proportion in comparison to
prefer 5 star hotels with a ratio of 53,0%, followed the citizens by more than 63%.
by 4 star hotels with 31,8% and 3 stars with 11,9%,
• Similarly, nights spent by foreigners has higher proportion by
respectively.
more than 70% as compared to the locals.
• Locals also prefer 5 stars hotels with a 56,5%
proportion, followed by 4 stars with 27,4% and 3 stars
with 13,4%, respectively.
2.8% 0.5%
Percentage of arrivals
74%
64% 69% 63% 69%
53.0%
31.8%
Number of arrivals by hotel category, locals % of nights spent by foreigners vs. citizens
Percentage of nights spent
2.4% 0.3%
30% 24% 29% 22% 18%
13.4%
27.4% 56.5%
Number
Year
Radisson Hotel Group Radisson Hotel Apartments Delta Istanbul Esenyurt Esenyurt 240
Emaar The Address Hotel Libadiye, Uskudar 182
Mandarin Oriental Mandarin Oriental Bosphorus Kurucesme, Besiktas 120
Mandarin Oriental Mandarin Oriental Etiler Istanbul Etiler, Besiktas 158
Peninsula Hotel The Peninsula Istanbul Karakoy, Beyoglu 180
Marriott Four Points by Sheraton Kartal Kartal 240
Marriott Four Points by Sheraton Atasehir Atasehir 110
Marriott Four Points by Sheraton Kagithane Kagithane 173
As of Sep, 2020
Source: EY Analysis
44
Turkey hospitality sector
Istanbul hospitality sector
ª
Istanbul Hospitality Sector:
Investments
Major international and local hotels opened in Istanbul between 2015 and 2018
Number
Year
Radisson Hotel Group Park Inn by Radisson Istanbul, Atasehir Atasehir 127
Accor Hotels Mgallery Istanbul Galata Galata, Beyoglu 83
Hilton Worldwide DoubleTree by Hilton Topkapi Topkapi, Fatih 216
Radisson Hotel Group Radisson Blu Residence Istanbul Batisehir Bagcilar 171
Accor Hotels Pullman Istanbul Airport and Convention Center Yenibosna, Bahcelievler 403
Accor Hotels Novotel Istanbul Bosphorus Karakoy, Beyoglu 200
Dedeman Hotels Dedeman Park Bostanci İcerenkoy, Atasehir 110
2016
Accor Hotels Mercure Istanbul West Hotel & Convention Center Yenibosna, Bahcelievler 377
Accor Hotels Ibis Istanbul West Yenibosna, Bahcelievler 96
Hilton Worldwide Hilton Istanbul Bakirkoy Atakoy, Bakirkoy 306
Hilton Worldwide Hampton by Hilton Istanbul Kurtkoy Kurtkoy, Pendik 145
Radisson Hotel Group Radisson Blu Hotel Istanbul Ottomare Zeytinburnu 133
Morgans Hotel Group 10 Morgan Karaköy Karakoy, Beyoglu 71
InterContinental Hotels Group Holiday Inn Express Istanbul Airport Halkali, Kucukcekmece 110
Hilton Worldwide Hilton Garden Inn Istanbul Airport Yenibosna, Bahcelievler 217
2015
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